Transcription of Paycheck Protection Program Second Draw Loans: Overview
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Paycheck Protection Program Second Draw Loans: Overview
Paycheck Protection Program Second DRAW LOANS The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker Protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Full Forgiveness Terms Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan; The loan proceeds are spent on payroll costs and other eligible expenses; and
in 2019 and 2020. Maximum Loan Amount and Increased Assistance for Accommodation and Food Services Businesses . For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (click
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